The demands on today’s accounting professionals when it comes to travel and expense management are increasing. In an article for AccountingWeb, Concur VP of Product Management A.G. Lambert explains that these include reducing time on tasks, driving greater cost savings and improving compliance.
If your business is still relying on traditional manual processes for T&E management, you may be overlooking hidden costs. Adopting an automated solution is the first step toward capturing your data in one place and working more efficiently. Digital processes will allow your business to save money by:
- Tracking all purchases travelers make to ensure they’re within your policy.
- Identifying employees who may be at risk of fraud and double-check potentially costly expense reporting mistakes.
- Predicting, collecting and tracking passive expenses (like fees and contract charges) that can fly under the radar.
But, while automating your T&E systems can be the first step toward efficiency, Lambert notes that it’s not the last. He suggests three ways in which accountants can further maximize their ROI on these systems: empower employees with mobile, connect business systems and applications, and make data work harder.
Read the full article on AccountingWeb to learn more about these three tactics, and how to apply them to your business.